A massive $590 million mixed-use development that will rise from the site of the former State Savings Bank of Victoria has received official approval for construction. The ambitious 42-story tower project is located at 623 Collins Street in Melbourne's Central Business District, directly across from Southern Cross Station, and represents one of the largest mixed-use developments currently planned for the area.
The development was designed by Plus Studio for Sterling Global, the developer who acquired the substantial 2,000-square-meter amalgamated site in 2023. The tower will house 320 residential units, with exactly half of these being two-bedroom apartments designed to meet the growing demand for urban housing in Melbourne's core.
Residents of the tower will have access to an extensive array of amenities throughout the building. These include a swimming pool, fully equipped gym, dedicated yoga studio, and a luxurious bathhouse for relaxation. The building will also feature multiple outdoor terraces offering city views, private lounge areas, dedicated dining and bar spaces for residents, as well as a library and games room for entertainment and community gathering.
A key aspect of the development involves the preservation and integration of two heritage-listed buildings currently on the site. The historic 1924 State Savings Bank of Victoria building and the Batman's Hill Hotel will both be carefully retained, restored, and seamlessly incorporated into the new development. The original banking chamber, a significant architectural feature of the 1924 building, will undergo comprehensive refurbishment to accommodate a future restaurant, preserving its historic character while giving it new life.
Beyond residential space, the development will include substantial commercial components. Plans call for 900 square meters of retail and hospitality space that will front both Collins and Spencer streets, creating active street-level engagement with pedestrians and the surrounding neighborhood. Additionally, the tower will contain 2,700 square meters of office space distributed across five levels, adding to Melbourne's commercial real estate inventory.
Ian Briggs, director of Plus Studio, explained the architectural philosophy behind the project. "The vision for 623 Collins was to create architecture that serves both the site's rich history and Melbourne's future growth," Briggs stated. "Our design approach has been to connect the building closely with its context – a podium that contributes to the streetscape, planted terraces that articulate the transition between heritage and new, and a tower that takes its place on the skyline with clarity and restraint."
The interior design for the development has been entrusted to Fiona Lynch's interior design office, which will lead the development of all interior spaces throughout the building. According to project communications, Lynch's distinctive aesthetic approach will shape the project's material palette, establishing a refined design language that will create continuity from the building's arrival areas all the way up to the residential units on the upper floors.
This approval comes after a previous proposal for the same site was also greenlit in 2024. That earlier project, designed by architecture practice Carr, involved a $520 million, 42-story hotel-and-apartment development, showing the high level of interest and investment activity surrounding this prime Melbourne location.
